House property
This query is : Resolved
12 July 2013
My friend purchased a property in Greater Noida under assured income scheme in joint name with her Husband. Loan was however in her name alone.
Under the scheme she had to pay approx 20 Lakhs and would get Rs.14000 per month. She has now come under 30% tax bracket due to the assured income but her Husband's 26AS does not reflect any property purchased so no extra tax on him.
Please advise if income can be divided amongst the two...to avoid more tax burden on one of them.
Thanks and best regards....B
Under the scheme she had to pay approx 20 Lakhs and would get Rs.14000 per month. She has now come under 30% tax bracket due to the assured income but her Husband's 26AS does not reflect any property purchased so no extra tax on him.
Please advise if income can be divided amongst the two...to avoid more tax burden on one of them.
Thanks and best regards....B
CMA Ramesh Krishnan
(Expert)
18 July 2013
No. you cannot do that, it will be treated as diversion of income
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